"Why it's really shooting up is because they're talking about AI, AI, AI, AI," Eric Ross, chief investment strategist at Cascend, told CNBC's "Squawk Box" earlier this month.
Intel, which for decades was the dominant U.S. chipmaker, has been mostly shut out of AI. Its server chips lag far behind Nvidia's, and the company has also lost market share to longtime rival Advanced Micro Devices while spending heavily on new factories.
Intel's board ousted Pat Gelsinger from the CEO role on Dec. 1, after a tumultuous four-year tenure.